Jan. 28: The Industrial Development Bank of India (IDBI) has posted a 14 per cent rise in net profit at Rs 40 crore for the third quarter ended December 31, 2002 against Rs 35 crore in the same period of 2001-02.

The rise in profits which was due to lower expenditure and interest costs, came even as income from operations fell to Rs 1,797 crore from Rs 1,909 crore last year. IDBI’s total income decreased to Rs 1824 crore in the quarter against Rs 1930 crore in the corresponding quarter last year. Bad and doubtful debts and investments that were written-off or provided for rose to Rs 222 crore against Rs 217 last year.

However, for the nine-month period, net profits plummeted to Rs 193 crore as compared with Rs 242 last year, while income from operations were lower at Rs 5497 crore (Rs 5966 crore).

IDBI had resorted to accelerated write-off of bad and doubtful debts of Rs 2500.26 crore during the previous accounting year ended March 31, 2002.

Andhra Bank among top 1000

Andhra Bank has broken into the bracket of top 1000 banks of the world, as its operating profit zoomed 77 per cent to Rs 539.33 crore during the nine months ended December 31, 2002, over the corresponding period of 2001-02 (Rs 304.69 crore).

Andhra bank has joined only a handful Indian banks in the top league, chairman and managing director B. Vasanthan told reporters after the board approved the unaudited third quarter numbers.

Net profit for nine months was up 98.7 per cent at Rs 262.40 crore from Rs 132.05 crore, Vasanthan said, adding the bank’s total business as on December 31, 2002, stood at Rs 30,713 crore (deposits of Rs 19,929 crore and advance of Rs 10,784 crore).

Net profit for the third quarter jumped 141 per cent at Rs 112.68 crore from Rs 46.78 crore in corresponding previous quarter.

Vijaya Bank net up 19.4%

Vijaya Bank has reported a 19.4 per cent rise in net profit at Rs 52.60 crore for quarter ended December 2002 as compared with Rs 44.05 crore in the corresponding period of 2001-02. The bank will open 20 new branches by March end.

For the nine months ended December 2002, net profit was Rs 131.11 crore, up from Rs 101.20 crore, a 29.6 per cent growth.

Total deposits stood at Rs 15,413 crore last month. Return on assets improved from 0.81 per cent in March 2002 to 1 per cent last month, while earning per share improved from Rs 3.65 to Rs 5.24.

On future plans, the bank said it would give a thrust to computerisation of branches, installing and networking of ATMs and implementation of core banking solutions.

The bank would focus on recovery of NPAs, make use of the Securitisation Act, a bank release said.

GTB net dips

Global Trust Bank (GTB) registered a small dip of Rs 12 lakh in net profit in the third quarter ended December 31, 2002, and it plans to explore various options to raise additional capital in the coming days.

The net profit fell from Rs 8.91 crore to Rs 8.79 crore while the total income slided to Rs 196.40 crore from Rs 243.43 crore during the previous quarter, a GTB release said here today.

The board of directors meeting held at Bangalore approved the third quarter accounts and assured that GTB would continue its thrust on improving its asset quality and broad base its risk profile, it said.

Income for the nine months period ended December 31, 2002, was Rs 592 crore against the previous year’s figure of Rs 740.14 crore while the profit fell from Rs 30.12 crore to Rs 28.20 crore.